2014-04-17 05:34:03 - Global Business Process Management (BPM) Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global Business Process Management (BPM) market is to grow at a CAGR of 14.03 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need to improve productivity and gain a competitive advantage. The Global BPM market has also been witnessing the increased demand for cloud-based solutions. However, the high implementation costs could pose a challenge to the growth of this market.
Enterprises across the globe are witnessing increased adoption of cloud computing for their requirements. Enterprises have now realized that the cost benefits associated with adopting cloud-based services, as it offers various advantages such as rapid scalability, easy access, uninterrupted service, and flexibility. These factors are responsible for the higher adoption of
cloud services, and organizations are slowly moving their products and services into the cloud. Thus, organizations now prefer software through the cloud model to deploying licensed versions of the BPM software. Therefore, adoption of cloud-based solution is a major trend in the market.
One of the major drivers is the need to improve productivity and competitive advantage. Organizations achieve competitive advantage by providing innovative solutions and delivering operational excellence. The various business operations such as supply chain, product development, and customer service are performed by vertical departments of an organization including Finance, Manufacturing, Human Resources, Sales and Marketing. BPM software optimizes such business processes, and also improves quality control and inventory control. This in turn, enhances the productivity and efficiency of the organization.
One of the major challenges faced by enterprises in the market is the high cost of implementation. As deployment of BPM software is an expensive process, its applications need a very conservative and usually expensive process of defining requirements. Hence, implementing a complete traditional BPM solution is a time-consuming process. This increases the criticality of the process as it becomes very costly to make any changes once the deployment has started.
The key vendors dominating this space include Adobe Systems Inc., IBM Corp., Oracle Corp., and Pegasystems Inc.
The other vendors mentioned are AgilePoint Inc., Appian Corp., Bizagi Ltd., Cordys Inc., Fujitsu Ltd., Global 360 Inc., Handisoft Global Corp., Intalio Inc., K2 Software Inc., Metastorm Inc., OpenText Corp., Pallas Athena Corp., PNMsoft Ltd., Polymita Inc., Progress Software Inc., SAP AG, Software AG, and Tibco Software Inc.
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